The master plan for Shelby Farms is expected to influence real estate development around the 4,500-acre urban park.

The Shelby Farms Park Conservancy took over day-to-day management of the park in August 2007. It was also responsible for overseeing the master planning process.

On March 6, national design firms Field Operations, Hargreaves Associates and Tom Leader Studio unveiled their potential master plans for the park, with the designer expected to be chosen in April after a public comment period.

The park's southern front is bounded by Humphreys Boulevard and the Wolf River, with Baptist Hospital-Memphis and Christian Brothers High School as stakeholders.

Aside from some high-end homes in the Shady Grove neighborhood, most residential development around Shelby Farms has been entry-level homes, according to Laura Adams, interim director of public engagement and development for Shelby Farms Park Conservancy.

However, the value of land around the park could change with the implementation of a master plan.

"If the master plan is well done, I think it would incrementally add value to the properties that are surrounding it," says Larry Jensen, president and CEO of Commercial Advisors and vice chairman of the conservancy's board.

In addition to serving as a general guide for the park's development, a master plan can give developers an idea of what's happening near their property.

"As a real estate investor near the park campus, I would have some sense about what is going to happen here and what kind of amenity that might offer to a development that I might propose," Jensen says.

There are several property owners north of Shelby Farms, including Chancelor Construction and Standard Construction, which have offices on their land.

The Kemmons Wilson family and Wayne Todd own 23 acres north of the park that is zoned for high-rise residential and is currently for sale.

Crews Investment Properties of Tennessee LLC owns 70 acres just north of Shelby Farms. It purchased 57 acres in 1998 as an investment and has been adding contiguous properties ever since.

The company's property now includes 400 feet of road access to Herbert and Fisher Steel roads and direct access to Germantown Parkway. The land also houses the company's office at 7556 Raleigh LaGrange.

One of the main reasons Crews Investment chose its initial parcel was because it was wooded acreage at one of the highest points in Shelby County, according to Mike Slattery, the company's vice president.

"With frontage on Raleigh LaGrange, you can literally see Clark Tower and International Place as the backdrop of the park," Slattery says. "When we looked at the aerial photo of this property, we realized that there was only about 140 acres of property in this area that was really contiguous to the park.

"Even though the property is zoned for heavy industrial use, we think the highest and best use for the property will be for office and commercial uses," he says.

Slattery says Crews Investment is highly supportive of a master plan and has met many times with the Shelby Farms Park Conservancy.

"As the largest urban park in the United States, anything that will preserve the natural beauty, as well as increase activity within the park, will be good for us as well as for the city and county," he says. "If the park and road systems are designed properly, then I think our value increases because we can then go with a more upscale use with more architectural controls."

The real added value to land surrounding Shelby Farms could occur when the master plan is implemented, according to Adams.

"We could imagine in the areas north of the park, that there might be an inspired developer who will begin to start thinking about the possibility of mixed-use developments," she says. "We could imagine that somebody might want to build up condo or office projects and take advantage of some of the breathtaking views."